Crude Oil Forecast: June WTI Challenges Support at $44.5
The crude oil price surge over the last few weeks was reportedly due to slipping U.S. production, a weaker U.S. dollar, and several production outages. However, some pundits are growing concerned that swelling OPEC output could keep the market oversupplied and turn prices lower. The move up stalled near a highly confluent $46.0 target late … Continue reading Crude Oil Forecast: June WTI Challenges Support at $44.5
Natural Gas Forecast: June Challenges Support at $2.13
After breaking higher out of the recent trading range between nominally $1.96 and $2.13, June natural gas stalled at $2.304. This was just below important resistance at $2.33, which connects to $2.43. Monday’s bearish engulfing line and confirmed divergence (purple down arrow on KaseX) called for a test of $2.13. This was strong resistance between … Continue reading Natural Gas Forecast: June Challenges Support at $2.13
Crude Oil Forecast: June WTI Confirms Double Top, Decline Likely Corrective
Late last week, June WTI crude oil challenged key resistance at $44.5. This is a confluence point, and most importantly, the 1.618 projection of Wave I (not shown), $30.79 – 38.52 – 32.1. A close over $44.5 will open the way for the next leg higher, which could push WTI crude oil prices into the … Continue reading Crude Oil Forecast: June WTI Confirms Double Top, Decline Likely Corrective
Natural Gas Forecast: May Stalls at Key Resistance
Forecasts for warmer than normal temperatures next week in the Midwest and mid-Atlantic spurred natural gas higher on Tuesday. For several weeks the May natural gas contract oscillated in a range between approximately $1.86 and $2.04. The range was finally broken when prices settled above $2.04. That said, the move up may have been too … Continue reading Natural Gas Forecast: May Stalls at Key Resistance
Crude Oil Forecast: WTI Fills Gap, Positioned to Grind Lower
The failure to reach an agreement to freeze crude oil output levels for key producers caused prices to slide in early trading Monday. June WTI gapped down from Friday’s $41.19 low and met crucial support at $39.0. However, the labor strike in Kuwait, which has decreased the nation’s output by nearly 60 percent for the … Continue reading Crude Oil Forecast: WTI Fills Gap, Positioned to Grind Lower
Natural Gas Forecast: Prices on Verge of Breaking Higher Out of Trading Range
For the past few weeks, May natural gas has oscillated in a range between approximately $1.86 and $2.06. The market looks as though it wants to break higher after closing over Monday’s gap down from $1.99 on Tuesday and sustaining a close above $2.00 on Wednesday. May natural gas is working its way toward the … Continue reading Natural Gas Forecast: Prices on Verge of Breaking Higher Out of Trading Range
Crude Oil Forecast: WTI Setup for Potential Five-Wave Trend
The highly anticipated and headline grabbing April 17 meeting between OPEC and non-OPEC nations has set the stage for crude oil’s rally. However, some traders and pundits still think the world is awash in oil and an out-put freeze has already been priced in. They anticipate an agreement to freeze production—if reached—would have little near-term … Continue reading Crude Oil Forecast: WTI Setup for Potential Five-Wave Trend
Natural Gas Forecast: Rally Fails to Close Over $2.03
Last week May natural gas formed a double top at $2.03. The confirmation point for the pattern was $1.837, the swing low between the two peaks of $2.032 and $2.028. May rose above the $2.03 double top, but failed to close over this crucial level on both Monday and Tuesday. This was negative and set … Continue reading Natural Gas Forecast: Rally Fails to Close Over $2.03
Crude Oil Forecast: WTI Poised to Challenge Support at $35.3
Saudi Arabia once again made clear they will only freeze output at current levels if other nations, including Iran, also do so. Iran has balked at the idea and stated objections on numerous occasions. Reports indicate this came as a shock to bullish oil traders, some of whom had thought the Saudi’s softened their tone … Continue reading Crude Oil Forecast: WTI Poised to Challenge Support at $35.3
Natural Gas Forecast: May Stalls at Key Resistance, For Now
By Dean Rogers Natural gas entered into the injection season a bit earlier than normal, and as a result, prices have settled into a state of flux. It is too soon to say that a long-term bottom has been made, especially for the May contract. However, over the past few days the charts have shown … Continue reading Natural Gas Forecast: May Stalls at Key Resistance, For Now
